June 23 (Renewables Now) - Export Development Canada (EDC), Canada's export credit agency, on Thursday announced USD 72 million (EUR 65m) in financing for the 800-MW phase III of the Mohammed bin Rashid Al Maktoum solar project in Dubai.
The financing is part of senior project finance banking facilities totalling USD 655 million for the 800-MW project, which reached financial close last week.
EDC said its participation is predicated on the sale of solar panels from Canadian Solar Inc (NASDAQ:CSIQ). As announced at the end of May, the Guelph-based solar manufacturer has been chosen as the sole module supplier to deliver 268 MW of modules for a portion of the 800-MW scheme.
The third phase of the Mohammed bin Rashid Al Maktoum solar park is being developed by a consortium led by Abu Dhabi's renewable energy company Masdar that was joined by France's EDF (EPA:EDF) in March.
EDC said the transaction is an example of an eligible project for its green bond programme. The agency recently issued its third green bond of USD 500 million.
(USD 1 = EUR 0.896)